Bakkt Taps Tom Noonan To Chair Company’s Board
In the recent cryptocurrency report, Bakkt has recently tapped a former executive of both Cisco and IBM in an attempt to lead its board of directors. Here is everything about the news in a nutshell.
The ‘Cyber Expert’
According to the official report, the company’s board is expected to be led by none other than Tom Noonan. The latter is dubbed as a “cyber expert” and the man behind the Internet Security Systems, JouleX, and Endgame. It is worth noting that the former was first acquired by IBM by in 2006, while Cisco acquired JouleX sometime in 2013.
Noon will reportedly be accompanied by the managing partner at Softbank named Akshay Naheta. This support will also include the likes of managing partner at Goldfinch Partners Sean Collins, as well as Jeff Sprecher and Kelley Loeffler, the ICE CEO and chairman and Bakkt’s very own head, respectively.
Apparently, Noonan is already deemed as a member of ICE’s very own board of directors.
Bakkt’s Futures Contract
As soon as the Commodity Futures Trading Commission (CFTC) approves, the physically settled BTC futures contracts of Bakkt will automatically be listed on ICE Futures US and ICE Clear US. According to an official blog post written by Loeffler, this is where “global market participants” have already started transacting. And as far as price discovery function is concerned, they should be able to contribute to the overall development of confidence in Bitcoin prices in all new physical delivery markets.
Loeffler further described the pending products of Bakkt as something that is to be considered the first ever physical delivery price discovery contracts. They are specifically designed, according to her, for Bitcoin to the U.S, and it is where price formation is expected to occur in markets that transparent and federally regulated.
Moreover, she claimed digital asset custody sits at the very core of Bakkt’s infrastructure development. As this continues to be the company’s narrative, security custody is at the very heart of physical delivery BTC futures contracts.
No Set Date Yet
The only catch, however, is that Loeffler’s update did not necessarily come with any specific pertaining to when it will go live. She only mentioned the idea to share more about the company’s custody platform in the near future, especially since the company is looking to set new standards when it comes to digital asset security.
Apparently, the platform has already been delayed twice. And with a promise to launch, it has yet again to deliver a firm date on the release.